Repsol confirms its commitment to Brazil

Spanish oil company Repsol This Wednesday, she affirmed her commitment Brazila country where the consortium in which it merges with China’s Sinopec is the fourth largest producer, and its interest in future projects.

“We depend on Brazil for our future,” said Repsol’s director of exploration and production for Europe, Asia, Brazil and Venezuela. Jose Carlos Vicente Bravoat a conference in Rio Oil & Gas, the largest oil sector fair in Latin America, and concluding Thursday in Rio de Janeiro.

The CEO noted that Repsol was the first foreign company to operate in Brazil, even as legislation secured a monopoly on state-owned Petrobras, and one of the pre-salt pioneers, a geological horizon in the deep ocean. Atlantic waters with huge reserves.

“We were one of the first companies to see the success of these basins,” the executive said, pointing to the past huge reserves of salt, which could make Brazil one of the world’s top five hydrocarbon producers.

“We are ready to continue working in Brazil. We are currently involved in several projects in the pre-salt field and in the development of our gas discovery chains,” he said.

In Brazil since 2010

Repsol has been operating in Brazil since 2010 through a joint venture with China’s Sinopec, with the Spanish company controlling 60%.

Sinopec is one of thirteen companies authorized to participate in the competition in which the Brazilian government will offer on December 16 the rights to exploit hydrocarbons in eleven pre-salt disputed areas jointly with the state.

The consortium is the fourth largest producer in Brazil, with an average production of 80 thousand barrels per day, from its participation in the Sabinhua (the second largest producing field in Brazil), Lapa (the seventh) and the Albacora List concessions.

In all three of these countries, Repsol is a minority partner in consortia in which Petrobras, Equinor and Shell are partners.

Vicente Bravo explained that although he is not an operator, Repsol actively participates in such associations and has made significant contributions, including through its technologies.